Are there really over 1000 employed at the Central Bank?

ashleey

http://www.rte.ie/news/2009/1127/partnership.html

What the hell do they do?

Notwithstanding their failures of market regulation, how on Earth is there enough work for them given that they are just a small regional branch of the ECB?

Am I being unfair?

ei.sdraob

ashleey wrote: »

http://www.rte.ie/news/2009/1127/partnership.html

What the hell do they do?

Notwithstanding their failures of market regulation, how on Earth is there enough work for them given that they are just a small regional branch of the ECB?

Am I being unfair?

Thats shocking

in light of Anglo scandals what are these people doing?

tho suppose the Central bank produces a "fine" bunch of "eCONomists" like DMcW

Idbatterim

what are these 1000 doing that 100 or 200 cant?

sk8board

as if that wasn't bad enough, the strike today is because any newly promoted employee must sign a new contract.

that new contract has 2 less flexi-leave days (!) and requires them to work a 35 hour week

currently they work a 32.5 hour week.


I didn't notice any 'No to a 35 hour week' placards today; did you?

ei.sdraob

sk8board wrote: »

that new contract has 2 less flexi-leave days (!) and requires them to work a 35 hour week

currently they work a 32.5 hour week.
?

oh the horror of it


anyways back to work for rest of us *yes i know its friday

Idbatterim

a 35 hour working week? what a joke! and 2 days less flexi leave! my heart bleeds! If they dont want the jobs, there are thousands that do! who gives a toss about them?

ashleey

ei.sdraob wrote: »

oh the horror of it


anyways back to work for rest of us *yes i know its friday

I'm just worried that the whole country will collapse now that these essential frontline workers are currently waving placards as opposed to managing the financial system with vigour.

sk8board

personally, my problem is that the public protrayal of this strike by the workers and their union rep's has been completed detatched from the facts of what they are trying to achieve, or prevent.

thats 6.5 hours per day for anyone thats wondering what a 32.5 hour day actually is!

or 9 - 4pm with 30min lunch.

and with teh flexi entitlements that must bring annual leave to easily over 30 days per year with by doing a few extra hours per week.

MysticalRain

Quite surprising for a country that doesn't even have full control over its own monetary policy. I worked for the New Zealand central bank a few years ago and we had 350 employees. That's a country with a similar population to Ireland. If I recall correctly, the Bank of England has around 1500 employees. I worked a full 40 hour week as well.

waffleman

Idbatterim wrote: »

what are these 1000 doing that 100 or 200 cant?

Thats not all the people who work in the CB. I have a friend who works there. The place is stuffed with external contractors who arnet striking (people paid 500 euro a day to be there "just in case" sh!t goes wrong). They get paid a regular wage but the bank still pays twice that to the contracting company. But who cares - it's only public money after all...

Mitten29

********

ashleey

Could you give us a quick run down of where they make their profits? The BoE runs and trades govt. bonds. The NTMA does that here. Regulator fees go to IFSRA. Just curious

Mitten29

8888888888888888

viking

waffleman wrote: »

But who cares - it's only public money after all...

Arent they self funded? Or more accurately arent they funded through levies on banks? Dont think public money is involved... open to correction on that

ashleey

viking wrote: »

Arent they self funded? Or more accurately arent they funded through levies on banks? Dont think public money is involved... open to correction on that

In levies on the banks and bond trading. Either it's one of the most profitable fixed income hedge funds in the world or the banking sector in Ireland is one of the most heavily levied in the world. Something doesn't add up but I'm sure it does as there are 1000 of them with desk calculators and sharp pencils.

Sand

I am actually glad to see these strikes - they only serve to invite the contempt of the .5 million unemployed and whatever few PAYE slaves in the private sector are toiling to keep this corrupt aristocracy in the style to which they have been accustomed to.

I really, really hope the public sector trade unions make a huge fight out of this. I hope they listen to the crazed bearded wing of their organisations. I really do. Because the power of the "social partners" needs to be broken. Utterly broken. And given the inevitable nature of the fiscal cuts to come ( a 26 billion deficit is not a "blip" ) the harder they throw themselves against it, the greater their inevitable defeat will be.

Player_86

I was looking at the prospectus for the Graduate Programme in the Central Bank there a month or so ago. In the section entitled Benefits, there were all the usual suspects e.g. competitive salary, travel to work scheme etc...

And there was also a defined benefit pension.

These things have to change.

starbelgrade

I always wondered why the Central Bank building was so big - I used to think that it was full with useful stuff, like gold bars & wads of cash.

Sleipnir

I know a guy who works in the Central Bank. Was laughing last January when he got a 10% pay-rise!

DERICKOO

Sand wrote: »

I am actually glad to see these strikes - they only serve to invite the contempt of the .5 million unemployed and whatever few PAYE slaves in the private sector are toiling to keep this corrupt aristocracy in the style to which they have been accustomed to.

I really, really hope the public sector trade unions make a huge fight out of this. I hope they listen to the crazed bearded wing of their organisations. I really do. Because the power of the "social partners" needs to be broken. Utterly broken. And given the inevitable nature of the fiscal cuts to come ( a 26 billion deficit is not a "blip" ) the harder they throw themselves against it, the greater their inevitable defeat will be.

http://www.timesonline.co.uk/tol/news/world/ireland/article4968594.ece

a shower of hasbeens i have it and i'm not given it up no matter what.
true to form they are showing the country the true facts.

gandalf

WTF 1000 Employees we don't even have our own currency anymore. What do these guys do???

Absurdum

www.centralbank.ie would be a good place to start :rolleyes:

whatnext

THE BOARD OF DIRECTORS
PATRICK HONOHAN, Governor TONY GRIMES, Director General
DAVID BEGG GERARD DANAHER DAVID DOYLE
JOHN DUNNE JIM FARRELL ALAN GRAY
DR. BRIAN HILLERY MARY O'DEA DEIRDRE PURCELL
DERMOT O'BRIEN
BRIAN HALPIN, Secretary

Are these idiots every where? How can the unions pontificate about the banks and still hold this posts like these

gandalf

Absurdum wrote: »

www.centralbank.ie would be a good place to start :rolleyes:

You know what I mean, wtf do they need 1000 employees for? As someone said earlier the Bank of England have 1500 and they have their own currency which is one the main trading currencies in the world.

So less of the rolleyes please. Justify why we need 1000 employees in the Central Bank.

nesf

gandalf wrote: »

You know what I mean, wtf do they need 1000 employees for? As someone said earlier the Bank of England have 1500 and they have their own currency which is one the main trading currencies in the world.

So less of the rolleyes please. Justify why we need 1000 employees in the Central Bank.

The individual national central banks still do a lot of work under the ECB. Just because we don't have our own currency anymore doesn't mean that the work involved has disappeared. The CB still manufactures and distributes banknotes and coins etc.

ashleey

nesf wrote: »

The individual national central banks still do a lot of work under the ECB. Just because we don't have our own currency anymore doesn't mean that the work involved has disappeared. The CB still manufactures and distributes banknotes and coins etc.

I thought the commercial banks distributed the notes? I know that most of the 1000 aren't twiddling their thumbs but seriously what do they do all day?

nesf

ashleey wrote: »

I thought the commercial banks distributed the notes? I know that most of the 1000 aren't twiddling their thumbs but seriously what do they do all day?

There's more than one stage in distribution most likely.

ashleey

So that's 50 managers and 950 lorry drivers then. I had a look at their website and to be fair I think the staff are those of the regulator also.

nesf

On a side point the UK comparison isn't a good one as the UK split the old Central bank into 3 (I think) separate entities in the 90s whereas we'd still count financial regulation as being a part of the "central bank" (Central Bank and Financial Services Authority of Ireland (CBFSAI)).

Make sure you're comparing like with like when it comes to staffing numbers.

ashleey

You are right but then we move on to the question of wether or not they were actually doing the job they were supposed to be doing? Seeing as there are so many of them.

timo87

Their taking on staff too; http://www.financialregulator.ie/careers/Pages/FinancialRegulatorCareersPage.aspx

I,ve applied to them, but Ive received an offer from elsewhere in the meantime so don't know would I go with them.

I don't know if having done a stint with the Irish Financial regulator would look too good on C.V :rolleyes:

Count Dooku

I was driving from Belfast to Dublin at Friday morning around 10 am and I seen traffic jam about 4-5 miles long from Newry roundabout to south
Was it coincidence:rolleyes: or this strike again was a good reason for another group PS workers to take day off for shopping on north?

erictheviking

Count Dooku wrote: »

I was driving from Belfast to Dublin at Friday morning around 10 am and I seen traffic jam about 4-5 miles long from Newry roundabout to south
Was it coincidence:rolleyes: or this strike again was a good reason for another group PS workers to take day off for shopping on north?

What a load of rubbish! I'm sorry but thats a pathetic post. 600 people go on strike and you claim they caused a 4-5 mile tailback in their rush to go shopping:D:D:D It was simply the end of the month, A lot of people get paid at the end of the month and go shopping!:D Also, they are entitled to spend their hard earned beer vouchers wherever they want.
Even if it was the central bank workers what is your problem with it?
They would have been on there own time as they were not being paid

erictheviking

Player_86 wrote: »

I was looking at the prospectus for the Graduate Programme in the Central Bank there a month or so ago. In the section entitled Benefits, there were all the usual suspects e.g. competitive salary, travel to work scheme etc...

And there was also a defined benefit pension.

These things have to change.

Why? Just because you don't get the same benefits?:rolleyes: If people have crap working conditions they should take it up with their tightass employers. I'm not PS but I don't begrudge people who have better working conditions than me. Fair play to them! You get paid what your worth. End of! I'm pretty sure the workers there would all be highly qualified and vastly experienced.
The next argument from the keyboard warrior element would be that 'Our taxes pay for them'!
Get real! We all pay taxes, not just the keyboard warriors.
Its just Begrudgery!

Flamed Diving

Sleipnir wrote: »

I know a guy who works in the Central Bank. Was laughing last January when he got a 10% pay-rise!

They also posted a profit. But never mind...

Flamed Diving

Player_86 wrote: »

These things have to change.

Why?

Flamed Diving

2008 Annual Report:

http://www.centralbank.ie/data/AnnRepFiles/2008%20Annual%20Report%20-%20Rev%2017%20July%2009.pdf

Count Dooku

erictheviking wrote: »

Even if it was the central bank workers what is your problem with it?
They would have been on there own time as they were not being paid

Problem is that financial regulator and central bank are two bodies which primary responsible for crisis. You cannot blame FF government, because Central Banks must be independent from governments according article 108 of EU treaty.
They caused all this mess and they don’t have any rights to protest

Flamed Diving

Count Dooku wrote: »

They caused all this mess and they don’t have any rights to protest

You gotta love monocausal reasoning. So simple.

erictheviking

Count Dooku wrote: »

Problem is that financial regulator and central bank are two bodies which primary responsible for crisis. You cannot blame FF government, because Central Banks must be independent from governments according article 108 of EU treaty.
THE BOARD & HIGHER RANKING OFFICIALS along with Property Developers, private sector banking officials who chanced their arm and lost,buy to let chancers,greedy retailers,gormless politicians, speculators and all manner of other chancers helped cause all this mess and they don’t have any rights to protest

Fixed it for you:D:D

sk8board

erictheviking wrote: »

Why? Just because you don't get the same benefits?:rolleyes: If people have crap working conditions they should take it up with their tightass employers. I'm not PS but I don't begrudge people who have better working conditions than me. Fair play to them! You get paid what your worth. End of! I'm pretty sure the workers there would all be highly qualified and vastly experienced.
The next argument from the keyboard warrior element would be that 'Our taxes pay for them'!
Get real! We all pay taxes, not just the keyboard warriors.
Its just Begrudgery!

the problem with defined benefit pensions is a simple one: its the future cost, not the current cost.

In 1997 we had about 260k PS employees, today we have about another 100k.

Its the pension bill in 2030 thats the problem.

At least McCreevy in his infiinite wisdom set up the National Pension Reserve Fund to try off-set the problem, but one thing is for certain: we can't keep shovelling out DB pensions to new PS recruits. That ship has sailed. The future country can't afford them.

its not begrugery, its maths.

Flamed Diving

Are central bank employees part of the National Pension Scheme? Are Central Bank employees classed as Civil Servants? I would prefer a link to a yes or no.

whatnext

erictheviking wrote: »

Fixed it for you:D:D

A board with a Union leader in it

waffleman

viking wrote: »

Arent they self funded? Or more accurately arent they funded through levies on banks? Dont think public money is involved... open to correction on that

http://archives.tcm.ie/businesspost/2007/04/01/story22361.asp

looks to be about 50 / 50 split between bank levies and public money according to this. OOPS Just noticed this is for the financial regulator staff only (369 out of 1022.5 employees according to the annual report)

The rest of the article doesnt paint a pretty picture either - that's some increase in operating budget... 44% in 3 years from 2004 to 2007!!

jmayo

nesf wrote: »

The individual national central banks still do a lot of work under the ECB. Just because we don't have our own currency anymore doesn't mean that the work involved has disappeared. The CB still manufactures and distributes banknotes and coins etc.

Well apart from those that work at the mint in Sandyford what are all those in Dame St doing ?
Oh wiat they phone up the likes of Trichet to tell him we are f***ed due to their inactions and incompetence :rolleyes:
Then they relay the messges back to the minister of finance and provide a fancy messaging service to their friends who head the banks to tell them the taxpayers are bailing them out.

erictheviking wrote: »

Why? Just because you don't get the same benefits?:rolleyes: If people have crap working conditions they should take it up with their tightass employers. I'm not PS but I don't begrudge people who have better working conditions than me. Fair play to them! You get paid what your worth. End of! I'm pretty sure the workers there would all be highly qualified and vastly experienced...

Highly qualified and vastly experienced my ar**.
Yeah that is why they let the banks become insolvent through uncontrolled lending and they allowed the government run the country into the ground through their inaction or rather actions.

Oh here it comes, that was all IFSRA's fault. :rolleyes:
Oh but wait who are IFRSA, who were it first two distinguished bosses, liam o'reilly and michael neary ex central bank.
They are one and the same with a transfer of bods in eithers direction.

Flamed Diving wrote: »

Why?

Because we have no F****** money and can't afford it in the future :mad:

FFS can people not understand we can't afford to pay for these pensions any longer.
We will probably have private sector workers working until they are 68 in 20 to 30 years time.
Of course the public sector workers will retire with lumpsum and defined benefit at 65 or even earlier for some employees. :rolleyes:

Flamed Diving wrote: »

Are central bank employees part of the National Pension Scheme? Are Central Bank employees classed as Civil Servants? I would prefer a link to a yes or no.

They may not be civil service, but they still work for the state.
Sorry let me repharase that, they are employed by the state. :mad:

Here we go again with the differentiations between civil service, co council employees, HSEs, semi states, quangoes, etc, etc.
They are all employees of the state, meaning they probably get paid in some fashion out of the revenues of the state.
Most are employed in organisations that do not make money, or enough money, and thus do not pay for their salaries nevermind their pension entitlements.

Flamed Diving

jmayo wrote: »

Because we have no F****** money and can't afford it in the future :mad:

FFS can people not understand we can't afford to pay for these pensions any longer.
We will probably have private sector workers working until they are 68 in 20 to 30 years time.
Of course the public sector workers will retire with lumpsum and defined benefit at 65 or even earlier for some employees. :rolleyes:

But the CB posted a profit (yet again) last year. From what I gather, their pension fund is not directly linked to the National Pension Scheme (this is what I am trying to clarify here, but no one provided a link). So knowing that the former is true, and assuming the latter. I don't see the problem. I'm open to correction, not baseless opinion.

jmayo wrote: »

They may not be civil service, but they still work for the state.
Sorry let me repharase that, they are employed by the state. :mad:

Here we go again with the differentiations between civil service, co council employees, HSEs, semi states, quangoes, etc, etc.
They are all employees of the state, meaning they probably get paid in some fashion out of the revenues of the state.
Most are employed in organisations that do not make money, or enough money, and thus do not pay for their salaries nevermind their pension entitlements.

No, if you even bothered to skim the annual report that I provided above you will see that the Central Bank is more than capable of paying its own employees (which it does, read the report), and to hand over €290m directly to the Dept of Finance, to boot (how many salaries does that cover?*).

So whats the problem?




*Average wage for a adminstrative civil servant is €46,742.28, according to CSO. That surplus income pays the salaries of around 6,208 admin, for example.

Daithi31

Fact -> CBFSAI is entirely self funded, and so is it's pension. It is not linked to the general PS/CS pension in any way.
10% pay increase mentioned earlier - complete BS unless the person was promoted. The proposal included to halve all flexi-leave, and abolish it completely for those above a certain grade.

edanto

I'm a bit confused. What does the state pay for in relation to the central bank? Do we pay wages? What happens the profit? What do the member banks pay for?

Perhaps I could find this out with research... but I'm only on my lunch break and I'm hoping someone here will know!

bamboozle

Count Dooku wrote: »

Problem is that financial regulator and central bank are two bodies which primary responsible for crisis. You cannot blame FF government, because Central Banks must be independent from governments according article 108 of EU treaty.
They caused all this mess and they don’t have any rights to protest

+1, it astounds me how many people in this country fail to see the roles played by the Central bank and financial regulator in the demise of our economy.

jmayo

Flamed Diving wrote: »

But the CB posted a profit (yet again) last year. From what I gather, their pension fund is not directly linked to the National Pension Scheme (this is what I am trying to clarify here, but no one provided a link). So knowing that the former is true, and assuming the latter. I don't see the problem. I'm open to correction, not baseless opinion.

No, if you even bothered to skim the annual report that I provided above you will see that the Central Bank is more than capable of paying its own employees (which it does, read the report), and to hand over €290m directly to the Dept of Finance, to boot (how many salaries does that cover?*).

So whats the problem?

So where does the CB it get it's funding ?
Sorry i am doing a Lenihan, McGreevey no time to read reports

Daithi31 wrote: »

Fact -> CBFSAI is entirely self funded, and so is it's pension. It is not linked to the general PS/CS pension in any way.
10% pay increase mentioned earlier - complete BS unless the person was promoted. The proposal included to halve all flexi-leave, and abolish it completely for those above a certain grade.

Do you work in there ?

Flamed Diving

edanto wrote: »

I'm a bit confused. What does the state pay for in relation to the central bank? Do we pay wages? What happens the profit? What do the member banks pay for?

The central bank pays for itself. It pays its own wages out of revenue it generates, as described in the annual report. If you don't have time, just skip straight to the section titled "Consolidated Balance Sheet" (p53), I linked to the report below. The profit (surplus income) goes straight to the Exchequer.

jmayo wrote: »

So where does the CB it get it's funding ?
Sorry i am doing a Lenihan, McGreevey no time to read reports

It doesn't get "funding", it is a bank.





http://www.centralbank.ie/data/AnnRepFiles/2008%20Annual%20Report%20-%20Rev%2017%20July%2009.pdf